7-Eleven Malaysia sales, profit surge in first quarter
Sales and profit surge in first quarter on new stores, enhanced service.
7-Eleven Malaysia has achieved sales growth of 9 per cent in the first quarter – and net-profit growth of 24.9 per cent.
Same-store sales rose 6.1 per cent, the rest of the growth due to store expansion with the convenience store network now numbering 2311 stores.
But CEO Colin Harvey says more improvement us yet to come.
“We see opportunities for improvement and confident that our strategy roadmap of strengthening the key areas of assortment, supply chain, operational excellence, store base and digitally enabling the organisation will bear fruit in terms of financial performance and overall customer experience. We continue to look forward to the challenges ahead in ensuring that 7-Eleven remain as Malaysia’s first choice convenience store.”
Group revenue for the quarter topped RM583.7 million (US$139 million) due to new stores, a higher average spend per customer and increased consumer promotion activity. Revenue from the food service segment of the business grew more than 30 per cent year on year, and now accounts for 3.5 per cent of the overall business.
Harvey said the company’s board believes trading conditions for the next quarter will remain challenging.
“We will continue to focus on our customers’ needs, pursuing our core strategy pillars of operational excellence, cost management and commercial innovation, at the same time refreshing the 7-Eleven brand in the mind of customers though refreshed stores, innovations in our pricing, promotions, and developing exciting products.”